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HIGH COURT OF JUDICATURE OF ALLAHABAD

HON. SHISHIR KUMAR, J

Heard learned counsel for the petitioner Sri Shakti Swarup Nigam and Learned Standing Counsel for the respondents 1, 2 and 3 and
Sri Tarun Varma, counsel for the respondents No.4.

Petitioner states that he is prepared to repay the loan dues provided he is extended facility to deposit the same in installments.

Respondents, represented by their counsel, have no objection to the above.

In view of the above, we direct that the respondents, their agents, servants, employees, officers etc. shall not proceed to recover
the loan amount in question or proceed with attachment/auction sale etc. (subject matter of this writ petition) provided the petitioner
makes deposits as follows:

1. Petitioner shall make an initial deposit of Rs. 1,00,000/- within one month from today.

2. Petitioner shall pay balance amount in 4 equal quarterly installments on or before 30th of the relevant month; installment period
for computing 1st installment shall commence from the day following the day when one-month period referred in clause 1 shall end.

3. Petitioner shall approach the Respondent-Bank in writing, while paying 3rd installment and on so being approached, the
Respondent-Bank shall furnish, within three weeks of receipt of request, detailed account statement giving full particulars indicating
all past deposits and dues up to date, along with such documents as may be claimed by the petitioner. Petitioner may file objection
within three weeks of receipt of account statement, Bank shall communicate decision in three weeks of receipt of objection,
if any, and the balance amount, if any, shall be deposited as 4th installment as per direction of the Bank.

5. In case, petitioner makes payments as per schedule prescribed above and complies with all the conditions contained therein, no
amount, as collection charges shall be recovered.

6. But in case petitioner commits default of any of the above conditions, this order shall stand vacated automatically on the date
of default itself without further reference to the Court and petitioners will become liable to pay collection charges also.

If the petitioner feels aggrieved against the calculations given in the account statement he may seek his remedy, without being
prejudiced by this order in any manner, as may be available in law.

Writ petition is disposed of finally subject to above directions. No order as to costs.

7.6.2007

SKD

W.P. No.26663 of 2007

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